On September 30, 2024, the United States will face the threat of a federal government shutdown. This occurs when Congress fails to pass a budget for the next year, forcing agencies to stop funding several government departments.
The White House is currently facing the challenge of reaching a consensus on a budget bill in an election year. Last year, the debt ceiling was suspended after lengthy partisan battles, and although an agreement was reached to limit annual government spending, the debt growth trajectory remains alarming.
As of 2024, the US national debt exceeded $34 trillion, the highest level in the country’s history since World War II. The debt burden is 96% of GDP and is growing at an alarming rate.
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